Abu Dhabi state giant Adnoc on 17 March awarded Japan’s Inpex exploration rights for Onshore Block 4. Inpex (through subsidiary Jodco) has committed to invest up to $176mn during the exploration phase. If successful it can take a 40% stake in a 35 year concession for the block, with Adnoc taking 60%.
Inpex secured the contract through Adnoc’s debut licensing round which was launched in April 2018 (MEES, 13 April 2018). This is the fourth of the six tendered blocks to be awarded, after Eni and Thailand’s PTTEP secured two offshore blocks in January (MEES, 18 January) and US firm Oxy grabbed Onshore 3 in February (MEES, 8 February). Onshore 1 and Onshore 2 remain to be awarded. (CONTINUED - 736 WORDS)